- Positive EBIT of EUR 1.7 million for 3rd quarter (previous year EUR 3.2 million)
- Almost three-quarters of revenue generated outside Germany
- Long-term focus on quality roof systems proving to be a successful business model
- Guidance for full year confirmed
CENTROSOLAR Group AG defied the market trend to achieve a positive third-quarter operating result of EUR 1.7 million (previous year EUR 3.2 million), reducing the first-half losses of EUR 4.9 million by more than one third to EUR 3.2 million (previous year EUR 24.3 million profit).
The third quarter was characterised by a very difficult market environment. The anticipated recovery in demand for solar systems failed to materialise despite attractive rates of return for end customers, and the deterioration in prices from the first half of the year continued in the third quarter. The group’s Q3 revenue of EUR 72.9 million was therefore well down on the prior-year level of EUR 101.7 million. For the first nine months of the financial year, revenue therefore reached EUR 223.4 million (previous year EUR 311.0 million). Earnings per share were EUR -0.35, as opposed to EUR 0.73 in the prior-year period.
Amid all this, CENTROSOLAR has succeeded in continuing to expand its business internationally. In the third quarter, 74% of revenue was already generated outside the domestic market Germany. This contrasts with 64% in the same quarter of 2010.
The long-term focus on quality roof systems made by the company’s own operations in Germany, with local tradespeople acting as the sales partners, has proven to be a stable business model. Paired with a forward-looking approach to cost management, the company is thus able to post a positive operating result despite the difficult market environment. Investment in expanding activities in North America and adding to the mounting systems product range was increased further.
Following weak worldwide demand and the sharp decline in prices, as previously reported CENTROSOLAR now expects revenue for the full year to reach around EUR 300 million. Assuming demand recovers and prices remain broadly stable in the fourth quarter, the company expects that the final quarter, too, will bring a further improvement in the operating result for the year.
About CENTROSOLAR Group AG:
The listed company CENTROSOLAR Group AG, Munich, (stock exchange code WKN 514850) is one of the leading suppliers of photovoltaic (PV) systems for roofs and key components, with over 1,000 employees in Europe and North America and annual revenue in excess of EUR 400 million (2010). Its product range comprises solar integrated systems, modules, inverters, mounting systems and solar glass. Over half of revenue is generated internationally. There are CENTROSOLAR branches in Spain, Italy, France, Greece, Switzerland, the Netherlands, the UK, Canada and the USA.
CENTROSOLAR manufactures solar glass at plants in Fürth (Germany) and Huzhou (China) as well as photovoltaic modules at a production plant in Wismar (Germany). Over the past two years, the production lines for the finishing of glass have been substantially extended in response to rising demand and now have an annual production capacity of eight million square metres. Module manufacturing, too, has seen a considerable increase. The module plant certified to DIN ISO 9001:2008 in Wismar is one of the largest and most efficient such plants in Europe, with an annual capacity of 350 MWp. For further information, visit: www.centrosolar-group.com.
For further information, please contact:
MetaCom Corporate Communications GmbH,
Georg Biekehör,
tel: +49 (0)6181 9828030,
e-mail: g.biekehoer@go-metacom.de
